ABA Thanks President Trump for Signing Tax Reform into Law

By Rob Nichols, ABA president and CEO

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​“We want to thank President Trump for signing into law the first major tax reform in more than three decades. Today's action will make America more competitive and open the door to greater economic growth and job creation.

“We also want to thank members of the President’s economic team including Treasury Secretary Mnuchin and NEC Director Cohn for their tireless efforts on behalf of tax reform and for their outreach to the business community. By working closely with Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and other lawmakers, the administration and Congress have achieved a lasting legacy that will benefit the country for years to come.

“Even before the President signed the legislation into law today, America’s banks were already moving to use the tax code changes to energize the economy. Banks of all sizes announced plans to boost employee compensation, increase charitable contributions and invest in the future. I’m confident more will follow as these changes take effect.”

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The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.